Raymond James will soon be integrating fintech 55ip’s cutting-edge tax management technology across its managed accounts platform, the firms announced Tuesday.
The partnership marks an industry first, the announcement said, as it will provide custom, tax-smart management at scale for Raymond James advisors and their clients.
“The enhancements will make tax-smart transition, rebalancing and ongoing tax-loss harvesting available to Raymond James managed accounts users,” the firms said in a statement.
Raymond James’ managed account programs provide clients more than 350 investment strategies with over $144 billion in assets, including $71 billion in taxable assets. The offerings include unified managed accounts, separately managed accounts, mutual funds and ETF model portfolios.
J.P. Morgan bought 55ip in 2020. In the three years since the acquisition, 55ip assets have increased from less than $2 billion to more than $20 billion, reflecting the demand for tax management and customization.
"We're proud to help Raymond James enhance and expand its approach to tax-smart investment delivery and drive better potential outcomes for their clients," Paul Gamble, CEO of 55ip, said in the release. "Integrating across Raymond James' managed account platform will deliver unprecedented reach and scale to help more people."
55ip's tax technology will be delivered via Raymond James’ managed account technology provider, InvestCloud.
George Gatch, CEO of J.P. Morgan Asset Management, said incorporating the technology is important to improving financial outcomes.
“The demand for tax management capabilities will only continue to rise,” Gatch said in the statement. “Our partnership with Raymond James is an example of how leading asset management and wealth management firms can partner beyond investment products by providing value-added technology."
Raymond James expects the enhancements to be released in mid-2024.
Medicare scam, pandemic benefit theft, offshore tax evasion — federal prosecutors are casting a wide net.
Report finds that pension income acts as a financial lifeline for retirees facing late-life shocks and raises urgent questions about the DC-only future.
Nine-month electronic trading freeze and share lending program at the center of dismissed claim.
Meanwhile, Rossby Financial's leadership buildout rolls on with a new COO appointment as Balefire Wealth welcomes a distinguished retirement specialist to its national network.
With a smaller group of companies driving stock market performance, advisors must work more intentionally to manage concentration risks within client portfolios.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
